ECOS3003- Midterm Exam Guide - Comprehensive Notes for the exam ( 20 pages long!)

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ECOS3003
MIDTERM EXAM
STUDY GUIDE
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ECOS3003 Lecture 5 1
Attractingandretainingqualifiedemployees
Twoobjectivesofcompensationpolicy
(1)toattract&retainqualifiesemployees
(2)tomotivateemployeestobemoreproductive
hereexamine(1)
Contractingobjective:
Ownerswanttodesigncompensationpackagethatattractsandretains
employeeswithrequiredskillsatlowestpossiblecost
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ECOS3003 Lecture 5 2
Levelofpay
Basiccompetitivemodel
labourmarketcompetitive(firmspricetakers)
marketwageratescostlessobservable
individualsareidenticalintheirtrainingandskills
alljobsareidentical(risk,location,etc)
nolongtermcontracts
allcompensation$compensation(ie nofringebenefits)
Inthiscase
q*ofemployeesdeterminedwhereMRP=w
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